Innovia Medical, a portfolio company of Shore Capital Partners since February 2015, has acquired Network Medical Products.
Network Medical is a designer and manufacturer of sterile single-use products for ears, nose, and throat (ENT) and ophthalmic procedures. The company’s product line includes its flagship CORONET brand of trephines (a surgical instrument with a cylindrical blade) which utilizes an exclusive blade technology to deliver a reliable and consistent vertical incision for improved wound architecture.
Network Medical is led by its CEO Neil Mercer and is headquartered in Ripon, UK (www.networkmedical.co.uk).
Innovia Medical designs, engineers and manufactures surgical products. In addition to its InstruSafe instrument protection line for infection control and sterilization in the critical care market, the company also manufactures ear, nose, and throat, and cosmetic surgery products through its Summit Medical and Shippert Medical business segments. Innovia Medical is headquartered in St. Paul with an additional office near Denver in Centennial, CO (www.innoviamedical.com).
“Since their founding in 1997, Network Medical has established themselves as a leading innovator and manufacturer in the ENT and ophthalmic space, and has achieved global success through their quality and niche designs,” said Terry Meredith, Chief Executive Officer of Innovia. “We have enjoyed working with the entire Network Medical team over the last several years as they have built a great company. We felt Network was a perfect fit for our ophthalmic/ENT strategy and are excited to add their patented range of corneal graft instruments and disposable products to Innovia’s existing family of brands that includes ENT, InstruSafe, and Minne Ties. This acquisition helps to further strengthen Innovia’s portfolio of product solutions designed with both medical professionals and their patients in mind.”
“This is a transformational acquisition for Innovia, and is consistent with the strategic initiatives we targeted with Terry and the management team,” said Don Pierce, Partner at Shore and Chairman of Innovia. “This acquisition is an excellent fit with the broader strategy of building a leading specialty surgical platform. Network’s line of products will grow and diversify Innovia’s offerings and allow us to leverage our capabilities as well as the distribution network already in place.”
Shore Capital Partners invests in lower middle market healthcare related companies that have $5 million to $50 million of revenue and $1 million to $5 million of EBITDA. Shore targets equity commitments of $10 million to $15 million per platform. Healthcare sectors of particular interest include behavioral health; healthcare staffing; infusion therapy; laboratory products & distribution; laboratory services; outpatient rehab therapy; urgent care; veterinary services; pharmaceutical services and contract research. Shore was founded in 2009 and is based in Chicago (www.shorecp.com).
© 2018 Private Equity Professional | March 1, 2018